Remain Resilient In Our Quest For Better Economy, Speaker Urges Nigerians

The Speaker of the House of Representatives, Tajudeen Abbas, has described President Bola Tinubu’s economic reform initiatives as bold and decisive.

Abbas made the remarks while giving a vote of thanks after the presentation of the 2025 budget proposal to the National Assembly.

The Speaker listed key areas of the reforms as the removal of fuel subsidies, unification of foreign exchange rates, and introduction of innovative economic policies.

According to him, the initiatives have laid a solid foundation for sustainable growth and development, stressing that while the reforms demand short-term sacrifices, they are acts of courage and patriotism.

“History teaches us that transformative progress often begins with difficult decisions. Examples from China’s market reforms, India’s liberalisation, and South Korea’s industrialisation affirm the enduring benefits of such bold action. These lessons inspire confidence that Nigeria’s ongoing reforms will foster economic growth, reduce poverty, and ensure long-term prosperity,” he said.

The Speaker observed that the administration’s reforms have disrupted the status quo, sparking resistance from vested interests.

The measures, he said, are courageous, underscoring the President’s resolve to prioritise the welfare of Nigerians.

Abbas pledged the support of the National Assembly for the reforms through legislative backing, adding that the legislature would facilitate public engagement for greater understanding and acceptance of the initiatives.

He stressed the need for collaboration among the three arms of government, saying that they are essential to achieving shared objectives.

The Speaker described 2024 as a year of mixed economic fortunes, recalling that the National Bureau of Statistics reported GDP growth of 3.46 per cent in the third quarter, up from 3.19 per cent in the second, largely driven by the services sector.

“Despite challenges posed by climate change and insecurity, agriculture remained a critical contributor, accounting for 17.22 per cent of nominal GDP in the first quarter and 22.61 per cent in the second quarter.

“However, inflation, rising to 33.88 per cent in October, alongside escalating food and energy costs, continues to strain households across the country. Nonetheless, the International Monetary Fund’s projection of 3.2 per cent growth for 2025 underscores a positive trajectory if reforms are sustained and structural issues addressed.”

Abbas also lauded Tinubu’s various international business and diplomatic engagements, saying that they have further reinforced Nigeria’s global standing.

The Speaker commended the President for his achievement in advancing local government autonomy that would ensure that resources reach grassroots communities, empowering them to address their specific needs.

“This commitment to transparency and accountability will have a lasting impact, particularly on our rural communities,” he noted

On the proposed 2025 budget of N49.7tn, the Speaker called for critical reflection on the country’s fiscal realities.

He said despite being Africa’s most populous nation with over 220 million people, the 2024 national budget of $36.7 billion remained modest.

He noted that Nigeria’s low tax revenue remains a major constraint. “Our tax-to-GDP ratio, currently at approximately 10.9 per cent for 2024, is among the lowest in Africa, significantly below the continental average of 15.6 per cent.

“In comparison, South Africa’s tax-to-GDP ratio stands at 25.4 per cent while Rwanda and Ghana, with much smaller populations, report ratios of 15.1 per cent and 14.1 per cent respectively.

“Even our VAT collection efficiency – at approximately 20 per cent – is notably below the near 70 per cent efficiency achieved by South Africa, Equatorial Guinea, and Zambia.

“Addressing these challenges requires urgent and comprehensive tax reforms to broaden our tax base, improve compliance, streamline administration and reduce reliance on borrowing.

“The National Assembly will continue to work with your administration to ensure that such reforms are equitable, effective, and considerate of the needs of vulnerable populations.

“To this end, we have engaged stakeholders to address concerns raised on the tax reform bills, fostering trust and cooperation. I have personally led numerous high-level meetings and consultations with state governors and other key stakeholders on this issue, achieving positive outcomes.

“Your Excellency, distinguished colleagues, ladies and gentlemen, as we approach 2025, we must embrace the realities before us with determination.

“Stabilising prices, boosting agricultural productivity, expanding infrastructure, and investing in education, healthcare, and security remain paramount priorities. To strengthen national unity and build trust, the government needs to communicate its achievements effectively to the Nigerian people.

“Mr. President, let me assure you that the National Assembly is fully committed to supporting the successful implementation of the 2025 budget. This is not merely your budget; it is a national project requiring collaboration across all arms of government. We will work to ensure its timely passage, provide legislative support for critical reforms, and conduct robust oversight to guarantee transparency and efficiency in its execution.

“Mr. President, colleagues, let us take a moment to recognise and honour the profound sacrifices made by every Nigerian over the past year. The removal of fuel subsidies, rising inflation, and adjustments to economic policies have created challenges.

“Yet these sacrifices are necessary for building a stronger, self-reliant, and prosperous nation. I call on all Nigerians to remain resilient and united in our collective pursuit of a brighter and better Nigeria.”

Remain Resilient In Our Quest For Better Economy, Speaker Urges Nigerians is first published on The Whistler Newspaper